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According to recent official data, the Saudi economy has experienced several negative indicators, including the drop in the trade surplus and lower profits of Saudi Basic Industries Corporation (SABIC), the largest petrochemical company in the Middle East. and the fourth in the world.
Saudi Arabia has also announced its intention to sell part of its badets to provide financial resources to face the crisis related to the decline in oil revenues.
Saudi Arabia's trade surplus fell 5.66% on a monthly basis in May 2019. According to the General Organization of Statistics of Saudi Arabia, this trade surplus fell to 44.95 billion riyals ($ 12 billion) in May. May last. The kingdom's trade surplus was 47.65 billion riyals ($ 12.7 billion) in April.
Saudi Basic Industries Corp (SABIC) reported net profit of 2.12 billion ryals (566 million USD) over one year, reaching 2.12 billion riyals against 6.7 billion riyals (1.79 billion USD) during the same period last year. Past.
SABIC's net profit decreased by 54.7% in the first half of 2019 due to lower product prices. In a statement released yesterday, SABIC reported a net profit of 5.52 billion riyals in the first half of this year, compared with 12.2 billion riyals in the corresponding period of 2018.
SABIC attributed lower earnings in the first half of 2019 to lower average selling prices for products, lower companies' share in the results of badociates and joint ventures. Total revenues decreased by 13.9 percent to 73.24 billion riyals from 85.15 billion riyals in the corresponding period of 2018.
In March, Aramco acquired 70% of SABIC from the Saudi Public Investment Fund for $ 69 billion.
As part of the Saudi government's efforts to alleviate the downturn in oil revenues, the General Organization of Grain Producers announced yesterday in Saudi Arabia that the next phase of privatization and sale of mills will begin Wednesday. .
The sale of factories is one of the first privatizations of the kingdom as part of a broader economic reform plan.
The sale has sparked the interest of major global agricultural companies, including Archer Daniels Midland and Bungee. In his statement yesterday, the General Grain Corporation did not name any qualified exhibitors from the first phase of the operation last year.
Privatization of the flour milling sector is seen as a test for the sale of other important government badets. The interest of major players in the grain market comes from these factories, with Saudi Arabia increasingly relying on imported cereals.
(New Arab)
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